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In the third quarter of Fiscal 2013, the Company expects consolidated net revenues to increase by a low-single-digit percentage, as a mid-single-digit increase in retail revenues is partially offset by a low-single-digit decline in wholesale revenues. Included in the third quarter net revenue expectation is an approximate 400 basis point net negative impact from strategic decisions regarding certain operations, including store closures associated with the Company’s Greater China network repositioning efforts and the discontinuation of American Living, in addition to unfavorable foreign currency effects. Operating margin from continuing operations for the third quarter of Fiscal 2013 is expected to be approximately 25-75 basis points above the comparable prior year period, as an anticipated increase in gross profit margin is partially offset by incremental investment to support the Company's strategic growth objectives and the impact of overall channel mix. The third quarter sales and operating margin expectations outlined in this press release do not include the anticipated pretax charges related to the closure of the Rugby brand noted above. Subsequent to the end of the second quarter, the Company had a favorable resolution of a discrete tax item. As such, the Company currently expects the third quarter tax rate to be approximately 29%.

Conference Call

As previously announced, the Company will host a conference call and live online webcast today, Friday, November 2, 2012, at 9:00 a.m. Eastern. Listeners may access a live broadcast of the conference call on the Company's investor relations website at
http://investor.ralphlauren.com or by dialing 719-325-2243. To access the conference call, listeners should dial in by 8:45 a.m. Eastern and request to be connected to the Ralph Lauren Second Quarter Fiscal Year 2013 conference call.

An online archive of the broadcast will be available by accessing the Company's investor relations website at
http://investor.ralphlauren.com. A telephone replay of the call will be available from 1:00 P.M. Eastern, Friday, November 2, 2012 through 1:00 P.M. Eastern, Thursday, November 8, 2012 by dialing 719-457-0820 and entering passcode 5406889.

ABOUT RALPH LAUREN

Ralph Lauren Corporation (NYSE: RL) is a leader in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrances. For more than 45 years, Ralph Lauren's reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. The Company's brand names, which include Polo by Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren Collection, Black Label, Blue Label, Lauren by Ralph Lauren, RRL, RLX, Rugby, Ralph Lauren Childrenswear, Denim & Supply Ralph Lauren, American Living, Chaps and Club Monaco, constitute one of the world's most widely recognized families of consumer brands. For more information, go to
http://investor.ralphlauren.com.

This press release and oral statements made from time to time by representatives of the Company contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company's future results and financial condition, revenues, store openings, gross margins, expenses and earnings and are indicated by words or phrases such as "anticipate," "estimate," "expect," "project," "we believe" and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results to materially differ include, among others: the loss of key personnel; the impact of global economic conditions and domestic and foreign currency fluctuations on the Company, the global economy and the consumer marketplace; our ability to successfully implement our anticipated growth strategies and to continue to expand or grow our business; changes in our effective tax rates or credit profile and ratings within the financial community; our ability to secure the technology facilities and systems used by the Company and those of third party service providers from, among other things, cybersecurity breaches, acts of vandalism, computer viruses or similar events; changes in the competitive marketplace and in our commercial relationships; risks associated with changes in social, political, economic and other conditions affecting foreign operations or sourcing (including tariffs and trade controls, raw materials prices and labor costs); risks associated with our international operations, such as violations of laws prohibiting improper payments and the burdens of complying with a variety of foreign laws and regulations, including tax laws; risks arising out of litigation or trademark conflicts; our ability to continue to maintain our brand image and reputation; the potential impact on our operations and customers resulting from natural or man-made disasters; and other risk factors identified in the Company's Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Net revenues and operating income for the periods ended September 29, 2012 and October 1, 2011 for each segment were as follows:

Three Months Ended

Six Months Ended

September 29,

October 1,

September 29,

October 1,

2012

2011

2012

2011

Net revenues:

Wholesale

$

914.5

$

995.5

$

1,608.6

$

1,668.5

Retail

900.9

861.3

1,758.2

1,674.8

Licensing

46.6

47.8

88.6

87.7

Total Net Revenues

$

1,862.0

$

1,904.6

$

3,455.4

$

3,431.0

Operating Income (Loss):

Wholesale

$

232.8

$

241.9

$

386.4

$

391.3

Retail

156.7

144.8

336.0

317.0

Licensing

34.9

35.5

64.3

63.3

424.4

422.2

786.7

771.6

Less:

Unallocated Corporate Expenses

(76.1

)

(71.4

)

(146.4

)

(138.7

)

Total Operating Income

$

348.3

$

350.8

$

640.3

$

632.9

`

RALPH LAUREN CORPORATION

Constant Currency Financial Measures

(in millions)

(Unaudited)

Same - Store Sales Data

Three Months Ended

September 29, 2012

% Change

Six Months Ended

September 29, 2012

% Change

As Reported

Constant Currency

As Reported

Constant Currency

Total Ralph Lauren

3%

5%

2%

4%

Operating Segment Data

Three Months Ended

% Change

September 29, 2012

October 1, 2011

As Reported

Constant Currency

Wholesale Net Sales

$

914.5

995.5

(8.1

%)

(5.3

%)

Retail Net Sales

900.9

861.3

4.6

%

6.8

%

Net Sales

1,815.4

1,856.8

(2.2

%)

0.3

%

Licensing Revenue

46.6

47.8

(2.5

%)

(2.3

%)

Net Revenue

$

1,862.0

1,904.6

(2.2

%)

0.2

%

Six Months Ended

% Change

September 29, 2012

October 1, 2011

As Reported

Constant Currency

Wholesale Net Sales

$

1,608.6

$

1,668.5

(3.6

%)

(1.0

%)

Retail Net Sales

1,758.2

1,674.8

5.0

%

7.0

%

Net Sales

3,366.8

3,343.3

0.7

%

3.0

%

Licensing Revenue

88.6

87.7

1.0

%

1.1

%

Net Revenue

$

3,455.4

$

3,431.0

0.7

%

3.0

%

Ralph Lauren is a global company that reports its financial information in U.S. dollars, in accordance with U.S. GAAP (“GAAP”). Foreign currency exchange rate fluctuations affect the amounts reported by the Company in U.S. dollars because the underlying currencies in which the Company transacts change in value over time compared to the U.S. dollar. These rate fluctuations can have a significant effect on reported operating results. As a supplement to its reported operating results, the Company presents constant currency financial information, which is a non-GAAP financial measure. The Company uses constant currency information to provide a framework to assess how its businesses performed excluding the effects of foreign currency exchange rate fluctuations. The Company believes this information is useful to investors to facilitate comparisons of operating results and better identify trends in its businesses. These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, the Company's operating performance measures calculated in accordance with GAAP.

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